James Hirschmann

James Hirschmann, chief executive of bond management firm Western Asset Management in Pasadena, has stepped down as president of Western's parent company, Legg Mason Inc. -- taking himself out of the running to succeed Raymond "Chip" Mason, 70, as CEO of the Baltimore-based financial firm. Hirschmann, 46, said he came "to the very difficult decision that it is not in my children's best interest to uproot them" and move to Baltimore. He will remain CEO of Western. -- Tom Petruno

Legg Mason Inc. named Mark Fetting chief executive to succeed Raymond Mason, who over 46 years built a regional stock brokerage into the No. 2 publicly traded money manager in the U.S., with $1 trillion in assets under management. Fetting, 53, was previously responsible for mutual funds at the Baltimore-based company. Mason, 71, had been looking for a successor since April when James Hirschmann, then chief operating officer, backed out of a plan to take over. The company's stock fell 23% last year as earnings were hurt by equity-fund outflows and subpar returns from managers including star stock picker Bill Miller.

Legg Mason Inc. named Mark Fetting chief executive to succeed Raymond Mason, who over 46 years built a regional stock brokerage into the No. 2 publicly traded money manager in the U.S., with $1 trillion in assets under management. Fetting, 53, was previously responsible for mutual funds at the Baltimore-based company. Mason, 71, had been looking for a successor since April when James Hirschmann, then chief operating officer, backed out of a plan to take over. The company's stock fell 23% last year as earnings were hurt by equity-fund outflows and subpar returns from managers including star stock picker Bill Miller.

James Hirschmann, chief executive of bond management firm Western Asset Management in Pasadena, has stepped down as president of Western's parent company, Legg Mason Inc. -- taking himself out of the running to succeed Raymond "Chip" Mason, 70, as CEO of the Baltimore-based financial firm. Hirschmann, 46, said he came "to the very difficult decision that it is not in my children's best interest to uproot them" and move to Baltimore. He will remain CEO of Western. -- Tom Petruno

Investment management giant Legg Mason Inc. said Thursday that its board picked the chief executive of its Pasadena-based Western Asset Management division to be president of the parent company. The move will put James W. Hirschmann in line to succeed Raymond A. "Chip" Mason as CEO of Legg Mason, which last year became one of the world's biggest investment firms by acquiring Citigroup Inc.'s asset management business.

Investment management giant Legg Mason Inc. said Thursday that its board picked the chief executive of its Pasadena-based Western Asset Management division to be president of the parent company. The move will put James W. Hirschmann in line to succeed Raymond A. "Chip" Mason as CEO of Legg Mason, which last year became one of the world's biggest investment firms by acquiring Citigroup Inc.'s asset management business.